Average Weekly Earnings of Production Employees: Manufacturing in Minnesota
Annual
SMU27000003000000030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,111.50
Year-over-Year Change
41.96%
Date Range
1/1/2001 - 1/1/2024
Summary
The Annual trend measures average weekly hours worked per employee in the private service-providing sector of the U.S. economy. This indicator provides insights into productivity and labor market conditions.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Annual trend tracks the average number of hours worked per week by private service-providing workers. This metric is used by economists to analyze trends in labor utilization, productivity, and work-life balance.
Methodology
The data is collected through surveys of business establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and market analysts monitor this trend to assess the health of the broader service economy.
Key Facts
- The average workweek in the private service sector was 34.7 hours in 2022.
- Service sector workers account for over 80% of total U.S. employment.
- Annual hours worked data is used to calculate labor productivity trends.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average number of hours worked per week by private service-providing employees in the United States.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into labor utilization, productivity, and work-life balance within the service sector, which is a critical component of the broader U.S. economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of business establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts monitor this trend to assess the health of the service economy and make informed decisions about employment, productivity, and economic growth.
Q: Are there update delays or limitations?
A: The Annual data is published monthly with a one-month lag, providing timely insights into service sector labor market conditions.
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Citation
U.S. Federal Reserve, Annual (SMU27000003000000030A), retrieved from FRED.